Muni Research In Throes of Change

Sargent, Carolyn
November 2004
Investment Dealers' Digest;11/1/2004, Vol. 70 Issue 42, p9
Trade Publication
The article presents information on the integrity of fixed-income research. New guidelines to ensure the integrity of fixed-income research are speeding structural changes in the municipal research departments at several Street firms, including UBS, J.P. Morgan Chase and Merrill Lynch & Co. Inc. These changes have led some researchers to complain that their ability to add value for both investors and issuers is being severely curtailed. And at least a couple of industry stalwarts have left the broker or dealer muni research business at least in part as a result.


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